According to the East Alabama Board of Realtors, December residential sales in the Phenix City area increased 15.0% year-over-year from 100 to 115 closed transactions. Following seasonal trends, sales increased 10.6% from November. Sales are down 3.2% year-to-date. Two More resources to review: Quarterly Report and Annual Report.
For all of East Alabama’s housing data, click here.
Inventory: Total homes listed for sale in December increased 42.0% year-over-year from 226 to 321 active listings. At the current sales pace, all the active inventory on the market would sell in 2.8 months, down from 2.9 in November and up from 2.3 months in December 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is six months of supply.
Pricing: The area’s median sales price in December was $265,000, an increase of 7.4% from one year ago and constant with November. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in December averaged 59 days on the market, 14 days slower than in December 2023.
Forecast: December sales were 5 units, or 3.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 120 sales for the month, while actual sales were 115 units. ACRE forecasts a total of 1,507 residential sales in the area year-to-date, while there were 1,315 actual sales through December, a difference of 12.8%.
Click here to view the entire monthly report.
The East Alabama Residential Monthly Report is developed in conjunction with the East Alabama Board of Realtors to better serve area consumers.